Topics covered include: What trusts are and how they function; Key trust terms and definitions you need to know; Most commonly used trusts; Common scenarios and circumstances where trusts are used; Who the parties to a trust are trustor, grantor, settler, donor, trustee, beneficiary, etc.; Pluses and minuses of different types of trusts; How trusts are created; How funds get into and out of trusts; Tax planning and compliance considerations with trusts; Potential impacts from Tax Cuts and Jobs Act of 2017 Key problems that tax practitioners may encounter with client trust-related matters, and more! Upon completing this course, you should be able to: Develop a solid base of knowledge related to trusts; Describe the different types and basic uses of trusts for clients; Recognize the advantages and disadvantages of different types of trusts; Differentiate types of trusts and when to utilize each type; Describe the disadvantages of setting up a living trust to your client; Recognize the characteristics that apply to the irrevocable lifetime insurance trust (ILIT); Identify exclusion amounts for different trusts; Recognize how to best advise clients on which trust would be best to set up; Describe changes that are now applied to an ESBT under the 2017 tax law; Differentiate GRAT and GRIT.